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Monday, May 30, 2011

Clueless: Government Commissions Study to unearth Black Money

PIB 29-May, 2011 11:24 IST Government Commissions Fresh Study Through Top National Level Institutions for Estimation of Unaccounted Income/Wealth both Inside and Outside the Country. Ministry of Finance, Government of India has commissioned an in-depth and fresh study, engaging three top national level institutions for estimation of unaccounted income and wealth held within and outside India. This study will bring out the nature of activities that encourage money laundering and its ramifications on national security. The study has already commenced in March, 2011 and is expected to be completed within a period of 18 months. The study is being undertaken by the following national institutes:

National Institute of Public Finance and Policy (NIPFP);

National Institute of Financial Management (NIFM) ; and

National Council of Applied Economic Research (NCAER). The terms of reference of the study are as follows:

To assess/survey unaccounted income and wealth both inside and outside the country.

To profile the nature of activities engendering money laundering both inside and outside the country with its ramifications on national security.

To identify important sectors of economy in which unaccounted money is generated and examine causes and conditions that result in generation of unaccounted money.

To examine the methods employed in generation of unaccounted money and conversion of the same into accounted money.

To suggest ways and means for detection and prevention of unaccounted money and bringing the same into the mainstream of economy.

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